Apply for a AXIS Bank Personal Loan

Axis Bank Personal loan
Interest rate	10.49% p.a. onwards
Loan Amount	₹50,000 to ₹40 Lakh
Tenure	1 to 5 years
Processing Fees	Upto 2% & Min ₹ 999
Turnaround period	1-7 days
Minimum Income	₹25000
Eligible Age	21 to 60 years
Lowest EMI possible	₹ 1,829 Per Lakh
Part Prepayment Charges	Allowed after paying 12 EMIs, 2-4% of balance principal amount.
Foreclosure Charges	Allowed after 12 months, 2 - 4% of the outstanding loan amount.

Eligibility Criteria: Eligibility criteria for Axis Bank personal loans typically include the following:

• Age: You should be within the age range specified by the bank (usually between 21 to 60 years).
• Employment: BYou should be a salaried employee or a self-employed individual with a regular source of income.
• Income: You should have a minimum income threshold to qualify for a personal loan. This income requirement can vary.
• Credit Score: A good credit score is often a key factor in loan approval and interest rate determination.
• Employment Stability: Your employment stability and work experience may also be considered.

Documents Required: The documents required for a personal loan with Axis Bank may include:

1. Identity Proof: Aadhar card, passport, PAN card, or voter ID.
2. Address Proof: Utility bills, passport, rent agreement, or any government-issued address proof.
3. Income Proof: Salary slips, bank statements, income tax returns, or business financials for self-employed individuals.
4. Photographs: Passport-sized photographs.
5. Bank Statements: Bank statements for the last few months.
6. Employment Proof: Offer letter, employment contract, or business ownership documents for self-employed individuals.

Please check Axis Bank's official website or contact them directly to get the most accurate and up-to-date information on eligibility criteria and document requirements.

Example of EMI for 1 Lakh Rupees: To calculate the Equated Monthly Instalment (EMI) for a personal loan of 1 lakh rupees, you'll need to know the interest rate and the repayment tenure. Here's a rough estimate using hypothetical interest rates and tenures:

Let's assume:

• Loan Amount: ₹1,00,000
• Interest Rate: 10.49% per annum
• Repayment Tenure: 36 months (3 years)

You can use the following formula to calculate EMI:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

• P = Principal loan amount (₹1,00,000)
• R = Monthly interest rate (1% or 0.01)
• N = Total number of monthly installments (36)

EMI = [1,00,000 x 0.01 x (1+0.01)^36] / [(1+0.01)^36-1]

Calculating this using the formula or an EMI calculator would give you the exact monthly EMI amount.

Keep in mind that the actual EMI may vary depending on the interest rate and tenure offered by Axis Bank. Always confirm the interest rate and tenure with the bank before applying for a loan to get an accurate EMI calculation.

Example:

Personal loan of 5 lakhs at an interest rate of 10.5% for tenure of 5 years, the EMI will be 10,747. The total pay out here would be:

• Principal Amount: 5,00,000
• Interest Charges (@10.5%): 1,44,817
• Loan Processing Fees (@2.5%): 12,500
• Documentation charges: 500
• Amortization Schedule charges: 200
• Total Amount paid after 5 Years: 6,58,017
• *Interest rate and processing fees varies as per your product depending on the lender's policy.